At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 180.34 points or 0.25% to 72,961.10. The Nifty 50 index added 56.60 points or 0.26% to 22,160.65.
The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.65% and the S&P BSE Small-Cap index gained 1.29%.
The market breadth was strong. On the BSE, 2,555 shares rose and 970 shares fell. A total of 169 shares were unchanged.
Economy:
The annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (provisional) for the month of April 2024 over April, 2023. Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively. CPI for the months of January, February and March 2024 are 5.10, 5.09 and 4.85 respectively.
Buzzing Index:
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The Nifty Realty index added 1.59% to 961.95. The index gained 2.86% in the two trading sessions.
Prestige Estates Projects (up 2.18%), Macrotech Developers (up 2.14%), Godrej Properties (up 2.08%), Phoenix Mills (up 1.84%), Mahindra Lifespace Developers (up 1.56%) Sunteck Realty (up 1.3%), Sobha (up 0.62%), Brigade Enterprises (up 0.54%), Oberoi Realty (up 0.41%) and DLF (up 0.15%) advanced.
DLF added 0.15%. The realty majors consolidated net profit increased 61.53% to Rs 920.71 crore in Q4 FY24 as compared with Rs 570.01 crore recorded in Q4 FY23. Revenue from operations grew 46.62% year on year (YoY) to Rs 2,134.81 crore in the quarter ended 31 March 2024.
Stocks in Spotlight:
Cochin Shipyard surged 8.31% after the company wins a big European contract (Rs 500-1000 crore) to design and build a hybrid service vessel for offshore wind farms. The project is expected to be completed by the end of 2026.
Coromandel International added 1.66% after the company acquires an additional 7% stake in drone manufacturer Dhaksha Unmanned Systems for Rs 150 crore.
Manali Petrochem jumped 4.30% after the companys board approves setting up a new manufacturing facility in western India.
Global Markets:
Shares in Asia traded mixed as investors analyzed inflation data from India and Japan. Japan's wholesale inflation (corporate goods price index) rose slightly by 0.9% year-on-year in April.
US markets ended with mixed results. The Dow Jones snapped its winning streak with a 0.21% dip, while the S&P 500 barely budged. The Nasdaq managed a small gain of 0.29%. Apple and Alphabet (Google's parent company) rose despite early weakness.
Meme stocks like GameStop, AMC, and Koss soared due to speculation surrounding a potential return to social media by Keith Gill, the "Roaring Kitty" figure who ignited the meme-stock frenzy of 2021.
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